A key Senate Republican is seeking public input on how best to craft legislation that aims to support cryptocurrency and blockchain technologies while protecting investors.
Sen. Pat Toomey, R-Pa., ranking member on the Senate Banking Committee, plans to use the feedback and propose a bill that "clarifies ambiguity around how existing laws, especially in the tax and securities realms, may apply to cryptocurrencies," according to a news release Thursday.
"Rather than trying to ignore or suppress cryptocurrency and related technologies, regulators and legislators alike need to recognize that open, public networks are here to stay," Mr. Toomey said in the news release. "Our laws and regulations must adapt to these developments."
Mr. Toomey is requesting proposals until Sept. 27 on issues such as securities implications of cryptocurrencies, custody regulation, and investor and consumer protections.